S&P Affirms Russia At BBB-, Outlook Remains Negative

Standard & Poor's Ratings Services on Friday affirmed Russia's sovereign rating at BBB- and maintained a negative outlook. S&P noted that Russia's credit rating is burdened by structural weaknesses in the country's economy and its weak political and economic institutions, which hurt Russia's competitiveness. Moody's last week cut Russia's rating by one notch to Baa2, citing sanctions imposed on Russia and the crisis in Ukraine.